Lazard Asset Management LLC Has $1.57 Million Stock Holdings in MGIC Investment Co. (NYSE:MTG)

Lazard Asset Management LLC raised its stake in MGIC Investment Co. (NYSE:MTG - Free Report) by 28.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 66,430 shares of the insurance provider's stock after acquiring an additional 14,651 shares during the period. Lazard Asset Management LLC's holdings in MGIC Investment were worth $1,574,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. First Trust Advisors LP boosted its stake in shares of MGIC Investment by 22.4% in the 4th quarter. First Trust Advisors LP now owns 16,008,489 shares of the insurance provider's stock valued at $379,561,000 after purchasing an additional 2,928,595 shares in the last quarter. LSV Asset Management boosted its position in MGIC Investment by 2.3% in the fourth quarter. LSV Asset Management now owns 10,578,342 shares of the insurance provider's stock valued at $250,812,000 after buying an additional 235,916 shares in the last quarter. Allianz Asset Management GmbH boosted its position in MGIC Investment by 8.2% in the fourth quarter. Allianz Asset Management GmbH now owns 5,495,115 shares of the insurance provider's stock valued at $130,289,000 after buying an additional 415,586 shares in the last quarter. Invesco Ltd. grew its stake in MGIC Investment by 16.6% during the fourth quarter. Invesco Ltd. now owns 4,766,195 shares of the insurance provider's stock worth $113,006,000 after buying an additional 677,227 shares during the last quarter. Finally, Northern Trust Corp grew its stake in MGIC Investment by 6.5% during the fourth quarter. Northern Trust Corp now owns 4,524,277 shares of the insurance provider's stock worth $107,271,000 after buying an additional 277,746 shares during the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

MGIC Investment Trading Down 0.4%

NYSE:MTG traded down $0.12 during trading hours on Friday, hitting $26.02. 1,365,109 shares of the stock were exchanged, compared to its average volume of 1,800,877. The company has a market capitalization of $6.18 billion, a P/E ratio of 8.97 and a beta of 0.91. The company has a quick ratio of 1.25, a current ratio of 0.48 and a debt-to-equity ratio of 0.12. The company's 50 day moving average is $24.80 and its two-hundred day moving average is $24.57. MGIC Investment Co. has a twelve month low of $20.11 and a twelve month high of $26.92.

MGIC Investment (NYSE:MTG - Get Free Report) last released its earnings results on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share for the quarter, topping analysts' consensus estimates of $0.66 by $0.09. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. The company had revenue of $306.23 million during the quarter, compared to the consensus estimate of $306.66 million. During the same quarter in the previous year, the company posted $0.65 earnings per share. The firm's quarterly revenue was up 4.0% on a year-over-year basis. On average, sell-side analysts anticipate that MGIC Investment Co. will post 2.71 earnings per share for the current fiscal year.

MGIC Investment declared that its Board of Directors has initiated a stock repurchase plan on Thursday, April 24th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the insurance provider to buy up to 12.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's management believes its shares are undervalued.

MGIC Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders of record on Thursday, May 8th were issued a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, May 8th. This represents a $0.52 annualized dividend and a yield of 2.00%. MGIC Investment's dividend payout ratio is currently 17.28%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Barclays lifted their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. Keefe, Bruyette & Woods cut their price objective on MGIC Investment from $28.00 to $26.00 and set a "market perform" rating for the company in a research report on Tuesday, April 8th. UBS Group increased their target price on MGIC Investment from $25.00 to $26.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Finally, Compass Point raised their target price on MGIC Investment from $27.00 to $28.00 and gave the company a "neutral" rating in a research note on Friday. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, MGIC Investment currently has an average rating of "Hold" and an average price target of $26.63.

MGIC Investment Profile

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States, the District of Columbia, Puerto Rico, and Guam. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.